IDACORP (NYSE:IDA) Price Target Raised to $122.00

IDACORP (NYSE:IDA) had its target price raised by UBS Group from $117.00 to $122.00 in a report released on Friday,Benzinga reports. The firm currently has a “neutral” rating on the energy company’s stock. UBS Group’s price target would indicate a potential upside of 6.71% from the company’s current price.

Several other analysts have also recently weighed in on the stock. Jefferies Financial Group dropped their price objective on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating for the company in a research note on Tuesday, January 28th. Bank of America lifted their price objective on shares of IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a research note on Monday, March 3rd. Guggenheim upgraded shares of IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. Finally, Morgan Stanley boosted their target price on shares of IDACORP from $126.00 to $131.00 and gave the company an “equal weight” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, IDACORP currently has a consensus rating of “Hold” and an average price target of $120.50.

IDACORP Stock Performance

NYSE IDA opened at $114.32 on Friday. The firm has a 50-day moving average of $112.22 and a 200-day moving average of $109.85. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. The stock has a market cap of $6.17 billion, a PE ratio of 20.86, a P/E/G ratio of 2.32 and a beta of 0.59. IDACORP has a 52-week low of $88.70 and a 52-week high of $120.42.

IDACORP (NYSE:IDA) last issued its quarterly earnings data on Thursday, February 20th. The energy company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.07. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. The business had revenue of $398.13 million during the quarter, compared to analysts’ expectations of $403.21 million. On average, sell-side analysts anticipate that IDACORP will post 5.81 EPS for the current year.

Institutional Investors Weigh In On IDACORP

Several hedge funds and other institutional investors have recently made changes to their positions in IDA. Wellington Management Group LLP grew its holdings in shares of IDACORP by 43.3% during the 4th quarter. Wellington Management Group LLP now owns 3,424,956 shares of the energy company’s stock valued at $374,279,000 after purchasing an additional 1,035,133 shares during the last quarter. Reaves W H & Co. Inc. grew its holdings in shares of IDACORP by 75.4% during the 4th quarter. Reaves W H & Co. Inc. now owns 998,383 shares of the energy company’s stock valued at $109,103,000 after purchasing an additional 429,276 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of IDACORP during the 4th quarter valued at approximately $37,104,000. Ameriprise Financial Inc. grew its holdings in shares of IDACORP by 596.7% during the 4th quarter. Ameriprise Financial Inc. now owns 379,312 shares of the energy company’s stock valued at $41,451,000 after purchasing an additional 324,866 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its holdings in IDACORP by 9.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,909,695 shares of the energy company’s stock worth $208,692,000 after acquiring an additional 166,864 shares during the last quarter. 89.10% of the stock is owned by institutional investors.

About IDACORP

IDACORP, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydropower generating plants located in southern Idaho and eastern Oregon; three natural gas-fired plants in southern Idaho; and interests in two coal-fired steam electric generating plants located in Wyoming and Nevada.